insurance. >> welcome to power lunch. i had them up too loud in my ear. we are glad to have you here on a monday and stocks once again are hitting record highs following the election of president trump. this comes as we are starting to hear about positions in the trump administration and who is going where. in a moment we will talk

about the trump impact on the economy and the fed and right now the impact on the markets is almost universally positive, especially in crypto. >> dramatically. one of the etfs saw the equivalence of 36% in a single day. as tyler is talking about it, tesla of 43% in the past week adding 43 billion in market cap and bitcoin is soaring to 85,000 today. and coin mace is up 87% in a week and one friend watching is happy about that. it has been like a sprung coil for some of these areas of the market. >> none greater than crypt though. let's talk about retailers which manufacturer in china. they come on the other hand are under pressure. dollar tree is down this week and they are lower in the market and may not be able to pass on the cost of tariffs such as they may be. we will ask you as the ceo of

the leisure brand about the potential tariff impact on his business. they sell and manufacture there and we will find out more when that person joins us. >> and president-elect trump starting to build out his new administration. you are in west palm beach? do tell, tell it all. >> kelly, it's good to see you too and this town is filling up with jobseekers and loyalists who are here for the trump transition which is expected to be quicker and smoother than the trump 1 transition was. they flew out the playbook in 2016 and this time they have a playbook and they are executing on it. we saw a social media post from j.d. vance congratulating stephen miller on being selected of deputy white house chief of staff. one of the hard-line figures in the trump administration and one of the few people involved

in trump 2 when he was a figure in the white house the first time around and clearly will be spearheading those immigration efforts by the president elect. and the congresswoman elise to phonic will be starting to fill out some of the key slots here. a lot of slots still to fill and that is why this has been filling up in the flights down have been full of trump people coming down to celebrate and triangulate and maybe get jobs for themselves in the weeks and months as the president-elect fills out his staff. the american first policy institute having a gallatin gala here. the sea packed conservative group is having a meeting on thursday and you get the deal as the president elect is hold up at mar-a-lago along with

elon musk at the resident- elect's side working through this list of names they have been working through for months now. >> at the last time in 2016 after president trump won the election, i'm recalling, was in chris christe initially the head of the transition team and wasn't he out stood rather promptly? who is running it this time. >> well howard ludwig has been a key person and a regular figure here playing a big role in the transition and stay been drafting names. one of the first mistakes and the first mistake is that he hired people who were established republicans and not sufficiently loyal to him and this time around he is not

going to repeat that. he is looking for people who are loyal to trump first before any political party or anything else. and that is what we expect for these positions. >> to put it a slightly different way because there are policy implications. people want to implement the mandate they've been given. a lot of people the first time around were saying, we know you would like to do such and such but that is not what we are here to do. i am wondering what a more emboldened administration will look like on the tariff and many fronts. >> it is a more populous administration and if people think it will be a rerun of trump 1 they haven't been watching donald trump for the past few years and what is happening in the republican party. a lot of those who resisted are simply gone from the scene. there is no paul ryan leading the establishment with republican party now. this will be more populist and a much more anticorporate elite and much harder on immigration

that it was the first time around. i think you can fill out the policy implications from that as you go along. clearly this is donald trump's party and he is in control with the roster of people he did not have the first time around who will be loyal to him and will execute on that mission. as you say, an overwhelming mandate winning all seven of the battleground states will be seen in this party and in washington, d.c. as a strong and clear mandate for donald trump to do what he said he would do. >> it is trump's party now, number one. number two is he has the house and the senate with a slightly bigger majority than the most recent house and the senate with a couple of votes there. he certainly has green lights to do an awful lot this time around. i know we will be hearing more from you. >> meantime as the president

builds his administration, let's look at what the business community expects. people's corporation which is a privately held real estate investment corporation. it's good to have you with us. >> it's good to be here. >> as we talk about who might populate a trump administration, in my notes, i was struck by how strongly you feel it might be time to replace the chairman of the federal reserve who said unambiguously on thursday that if asked to resign, he would not do it. why are you so down on chair powell? >> i think the american voters rejected the policies he has perpetuated. the president-elect has indicated frustration and disappointment with the fed policies and the belief that those policies were the headwind to the economy and i think they made a poor decision in terms of the interest rates and he is now making bad decisions for how rapidly and edit what pace he reduces them.

i think the president has a set of policies and has given a mandate, as you pointed out with both chambers of congress and all swing states and an overwhelming electoral college victory. the people have spoken and i think the president has the right to have someone who is somewhat consistent with his policies. >> let me ask why you think the president has taken exception to chair powell's moves and you have as well. i assume your concern is chair powell was late and feeble in moving against inflation, number one. now, late and maybe feeble again and cutting interest rates to a more normalized policy stance. am i interpreting you correctly ? >> yes. think about what those actions have done. they have devastated the commercial real estate

industry following a global pandemic with people working remotely. it has had a devastating impact on commercial office building and on commercial retail. they have run up the cost for americans to buy homes and in an environment where there is significant supply constraints. there is a lot of things that are quote bad decisions. >> i agree with you that the cost of housing has gone up in part because mortgage rates were so much higher raising the monthly cost. for people who own homes, given the shortage of new homes coming onto the market, homeowners ought to be pretty happy with the way the values of their homes have performed over the past four years. right? >> if they ere going to sell them. number one if they did sell i want to move, they would

not get the benefit of that because they have to pay higher prices because the cost of high interest rates and the fact that the supply is significantly constrained. >> let's talk about how you think the economy will perform under a second trump administration and will move away from monetary policy. talk to me about why you think a trump administration will be good for business, which i assume you do. >> i do think it is going to be good for business. we are already seeing the stock market in certain sectors, performing well in reaction to this election. i was just at a conference with my daughter this past weekend. the other fathers were business people and they were excited about the regulation. anybody in the broadcasting business, for example, is excited about the regulation and financing other areas. >> thank you. >> and i think what is happening here is from what you will see, i relaxed

regulations. i mean the regulatory burden on housing, for example, is the biggest contributor to the increased cost of housing. so, i think we will see a better regulatory environment and a much better fiscal environment. i mean the runaway spending in our government spending the money of our great , great, great grandkids. this has to stop and the priorities of where we spend our money. think about it, new york's bitty city spent five billion dollars for illegal migrants by giving them a hotel room, a cell phone and a debit card loaded every month with $1000. an absurd way to spend our money. and i think those priorities will change kickstarting the economy and we will see a very, very strong and expanding economy. i believe it will provide jobs

and opportunities for working americans. >> i was excited to ask about the results of the san francisco mayoral election. were you looking at real estate there when it was distressed and you think it is significant enough policy shift that there is money to be made there? >> we are definitely looking at san francisco because i believe it has bottomed out and we talked about this before that the market would be bottoming out soon. the voters, as our as i have said and these very progressive cities, the quality of life is so bad they are now losing patience with the progressive policies. that is why the mayor of san francisco was defeated by a more pro-quality of life and pro-business environment. i think that will begin to turn things around. the hole was not doug overnight

and will take time to dig out but it is a step in the right direction to get new leadership . >> let me put it this way. i don't know how cheap leadership will be. san francisco is a tough place physically to build but are there opportunities there or in other cities were at the end of the day where you can put money to work and do well in the next couple of years. >> i think san francisco for sure with commercial office buildings. that is an opportunity to continue to buy there and convert them. before, the challenge was converting the buildings for more residential but the quality of life was so bad people do not want to live there. as it improves, you will see greater demand. i think washington, d.c. will get a shot in the arm because of the policy of the current administration allowing the federal government workforce to continue to work remotely and pay rent on 40 million square feet of office space in the washington, d.c. market. you get a double whammy and i don't the federal government will continue to allow people

to work remotely and number two, they won't pay rent for office space they don't use. i think that will stimulate d.c. which the downtown market has been devastated. that's another place and i think new york is turning the corner a little bit and i think there is opportunity in new york. i still continue to be bullish on miami where i'm sitting right now. i think south florida in general and i like taxes. taxes will continue to do well. fort worth is a big sleeper in texas and i have seen progress in those key markets. we like charlotte, north carolina and the research in north carolina and raleigh-durham. >> i wish we had more time because i would like to talk to you about how you saw the boat on last tuesday with respect to black voters and latino voters. let me ask a different question. if you had two minutes with president trump and you are to give him advice, there are

people who ere very concerned that the second trump administration will be marked by quote, his word and not mine , retribution. how would you advise him with respect to concentrating on the economic issues that you so clearly articulated at the top of this interview that are important and potentially transformative for the country? these of the a desire, perhaps on his part and perhaps on the part of supporters to exact retribution for wrong is either done or perceived? >> what president-elect trump said recently and consistently is his retribution will be winning and governing and doing a good job and i take him at his word there. what i would tell him as i think the republican party has an extremely unique advantage that we have not seen since the 1960s. i believe he has a chance to reach out to voters who were

conditionally democratic voters and once democratic voters and to bring them into the republican fold. the way we do that his economic policies. african-americans voted for him and latino americans voted for him and they voted for a better quality of life. i think he focuses on expanding the economic avenue opportunity in accessing capital for minority and women entrepreneurs and to continue doing what he has done. he just appointed the first female chief of staff in the history of the presidency which a positive step for women. he has time to get people who don't listen to him to listen to him because i believe if they do they will be receptive to his policies. >> it is always fascinating to talk with you and i always enjoy it. thank you for your perspective today. >> still ahead on power lunch,

more election implications. copper and other metals are falling since donald trump achieved office. we could see of trouble could be growing in the market navigator. >> and lululemon loses steam this year. and how do they do it? osct ey see different prpes? we speak in with the ceo. power lunch is back in two.

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welcome back to power lunch and check out the averages. once again, the dow above 44,000 we can close that in the s&p could close above six or a few points shy right now. is this trump fuel door fed related? they cut last week. is it all the bull market. we asked stephanie the chief investment strategist at high

tower. these are loaded questions. i love the technicians sometimes because they don't have to worry about why and just look at the charts and the bull markets are bullish. provides perspective of what we are witnessing here because it is pretty extraordinary. >> it absolutely is but you know as well as i do that the markets in general don't like uncertainty and we have that in spades with regards to the election and the fed and even china and we didn't know what the stimulus how much they would stimulate their economy and we got nswers to all three last week. the election was the most important of the three but added together, we have a little more clarity and a little more visibility and we have now a new administration that is coming. pro-growth on antiregulation with less government spend offset by business band which is healthier than the

composition of growth. sure, we need to watch tariffs and elevated inflation but overall very inflation. seasonally, november and december are strong for the markets in general and was $6.4 trillion of cash on the sidelines. i think there is a fear of missing out situation too. and one last thing, we have an economy doing pretty good and the fed is lowering rates in the face of 2.5% gdp growth with a solid consumer and manufacturing renaissance. seasonally, i think we could run to the end of the year and we will talk about 2025 at another point, let's enjoy this now. >> we knew we were supposed to look at the election and the fed and we were supposed to look at earnings, now what we look at that it is all over? what we look out and what do we watch? >> can't we just enjoy 2ã2.5

gdp growth and can't we enjoy the consumer? this is a big week. look, you have ism services that came in last month almost near 60. >> true. >> that is enormous momentum in the economy and consumer has hung in there. and you have this double whammy happening and i just want to enjoy it for now. we have plenty to worry about next year. >> is a too good to be true in a way? i have to worry about something and now i am worrying that it is late 90s all over again. the interesting analogy about that is people will say, look, things cannot be that loose because long-term yields have gone up. from '97 or '98, it wasn't a sign of the economy but of too

much liquidity and overheating. are we seeing those dynamics all over again? >> i think the rate yields have gone up because we have better growth. maybe that rings a little stickier inflation at but i'm not so sure. trump just ran on lowering inflation and the composition of the spend has been crazy on the government side. not as much on businesses. in the last six months, if you talk to companies, which i have, they will tell you they were waiting for the election results before they would implement a new or mna cycle. now we are back to the point that i 100% agree with you. i worry when i don't worry because that means we are complacent. there is always something to worry about. i will adding it up with an economy that's good and and administration promoting growth

, should be good for corporate earnings and that's what i care about us and investor. they are up 7% and revenues of mid-single digits. by the way their other sectors beyond tech that are attractively valued. you are seeing this brought in and out over the last couple of months but in a huge way in the last couple of weeks. >> let me tell you this, one thing you don't have to worry about is getting your christmas tree up early. you've done that and it's always the most beautiful one. i'm sure your packages are wrapped and you don't have to worry about that. >> you put up the green tree and that was the sign. it was red last year and green this year. >> thank you stephanie. >> absolutely, thank you. >> be sure to join me at the cnbc delivery now for some it next wednesday. investors and leaders meet to compare ideas to deliver

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welcome back to power lunch with a quick check of the markets holding their gains from the morning. the dow up 3.37. the nasdaq is down about 28 points. >> record highs for all three indices today at one point. and all about another part of the market that has not been doing really well and that his metals, particularly car copper. a lot have been exiting the market after the election but it could be part of a panic selling spree and in that there is a possible metals upside trade coming up. joining us now the chief market strategist of blueline futures. let's take us through the trade for metals. it is not just copper and there is gold and silver and a lot is attributed to the strength of

the dollar which puts a damper on dollar-denominated commodities. is it just the dollar or is something more at happening here ? >> the traditional core drivers with demand and speculation. they all take into account president donald trump as well as china's stimulus pledge for new discovery. it was not just copper but many metals are under pressure and the markets tend to overshoot with the election implication. under section 232, the president can implement tariffs just using the executive order. in january 2016, we saw tariffs on solar panels and on steel and aluminum. you look at the dynamics of the tariffs as they drive the dollar higher and expectations rise and yields.

there is lower gold and lower silver and copper. china is the largest importer of copper and we saw there copper imports reach 500,000 tons for the first time since may and their exports hit a two-year high year-over-year. the wildcard is the dip and it doesn't make sense. we think that communication between china and president trump has been mostly positive and they maintain their 5% real gdp growth between now and 2025. if you be patient and look to buy in the dip on some of these commodities. >> what would you do with copper in this case? >> historically copper has rallied and if you look at the march contract from thanksgiving to new year's, about 13 out of 15 years, the construction industry replenishes supplies. with declining markets, you want to get the position size right. everyone penny move is

$25 and we are looking at buying at 420 and put a stop at $4.10. and then the target $450 and the reward is $750. >> there is the micro futures. thank you very much and we will catch you soon. >> thanks a lot. >> what is interesting to me about that as i was looking back at the behavior of the dollar and trump's first term and it was basically sideways until covid hit. we are seeing it move upwards but it is unclear what significant direction it is about to take. >> of economic story plays out and if you see a boom in the economy and a boom in markets leading to a construction build, maybe copper does catch a bit fundamentally. >> a phd in economics. >> thank you very much. coming up, the activewear maker with pans to expand its

reach in europe and asia, but is there enough demand to keep up with competitors like lululemon in the leisure space? what about leisure overall? we will ask the c.o.o. next. it all started with a small business idea. it's a pillow with a speaker in it!

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welcome back to power lunch and i am kate rogers. here's your news at this hour. boeing announced that had of control will retire next month. a 33 year veteran named to the position by ceo dave calhoun in february after the mid air blowout on board a 737's 9. and space heaters sold on amazon recalled over a fire and burn risk. the consumer product safety commission warned that the

space heaters could overheat. they were sold between september 2021 and september 2024. there have been 113 reports of the issue including seven buyers and one report of a minor burn injury. in amazon and development to create smart glasses for its delivery drivers to speed up package deliveries. the glasses could give drivers turn by turn navigation in an embedded screen along with their roots to save precious time during the last mile for deliveries. back to you. once a pandemic winner and poster child of at leisure, shares of lululemon are down. it's not just for macro economic regions, it is facing competition. just raising its valuation of two five and half million. let's bring in the ceo of vuori . >> it's good to see you and good to be here and joe, thank

you for being here. tyler shared the news of the valuation of 5.5 million. there were reports of an ipo in 2024 and we are past that point. where are you now? >> look, we are excited to bring on general atlantic and stripes as investors. we are in a growth journey and they are proven track records in supporting iconic brands in consumer technology with bold looks for the future. we are expanding the business globally with room here in the united states and we are thrilled to have them on board for their know-how in their network and being supportive on this journey. >> and the in the initial investor a $400 million, i would love to get you on record to talk about your company's growth. have you been profitable since your second year in business in 2016. what are your expansion plans

looking like as you move to other countries? >> our business is unique. we started in a garage with their friends and family investment and we were profitable by 27 teen. we built a working capital model that self-funded the business and we have been methodical and calculated with how we have grown the business with a long-term mind step with how we have managed the growth and that is the mantra we continue moving forward with. we are on a global expansion but the fundamentals remain the same. we are not planting flags just for growth's sake. we want to meet the customer where they are and develop authentic connections with customers and introduce them to incredible quality products. that recipe has made us successful and that will continue to be the strategy as we march forward ringing the business to more markets across the globe.

>> i understand you have business in china and are selling in china. lululemon also sells there with great success which is interesting because a number of other consumer brands are struggling as the economy is faltering a bit. i want to ask a double-sided question about china. what is your revenue stream in china. i have a pair of joggers that say made in china and what will happen if you face a tariff under the trump administration? >> with respect to business in china, it's early days with two stores in china that were our first two stores. we are building a omni channel business where we reach customers digitally and we have the vuori retail stores. the lion share of the businesses in the u.s. where we open 20 stores in the u.s. just

this year . we will continue marching forward. with respect to our supply chain and manufacturing, the only constant in our usinesses change. you have to be nimble and adaptable and that is part of what has made vuori successful. it's about building a resilient supply chain and sourcing multiple markets and being able to pivot and adapt to wherever the market goes. >> i'm a repeat customer and a fan and i would say the materials that you use are what set your company apart from competitors. i don't know where you get them but they are the softest in the business. that's not my question. my question is i have bought some items online and i certainly have never bought from one of your retail stores, what percentage of your sales are online sales and what percentage are through go in the store and try the stuff on and walk out with it? >> that's a great point and it

speaks to the opportunity that we have. today, the business has about 79 retail stores globally and the lion share of those in north of 70 of those are in the united states. we were organized as a digital first brand and that is how we brought this differentiated positioning and this product with those fabrics you are speaking to. the way we reached our consumer with that message was through a direct consumer strategy selling on our website . today, that is the argest single-point of distribution for the brand but our stores are phenomenal. not just because they are profitable and do great but they introduce the customer to a variety of products that we make. we stand by so many other types of products than what you see marketed online. it is a great way to build

authentic relationships with customers and the communities they serve. we are very bullish and excited about our stores and we think there is a big opportunity to expand that point of distribution. >> we are about out of time. consumer prices and inflation seem to be on everybody's mines. when you keep your prices where they are or you have a promotional strategy going forward? >> this time of year everybody is interested in promotional strategies and vuori has excelled in the olidays by maintaining a full price business and introducing new styles the customers excited about. we are not in a highly inflationary period today and anticipate rising prices before next year. >> it was good to have you. and bristol-myers with the best in 24 years up 11.5% after rival at the reported trouble with the new schizophrenia drug. bristol-myers makes one of the

leading ones and we get the details when power lunch returns. it's time to grow your business. create a website. how? godaddy. coding... nah. but all that writing... nope. ai, done, built. let's get to work. create a beautiful website in minutes with godaddy.

welcome back to power lunch. two big movers in the pharma space. bristol-myers is up well at the is down. it is all about schizophrenia drugs. >> so abbvie saying it schizophrenia drugs failed face to numb drugs. they spend $8 billion to acquire the company for the experimental drug which is good for bristol-myers squibb because they have a new schizophrenia drug approved in september. they spend $14 million and that is looking like a really good investment on their end. and abbvie is looking to see if

there are ways to move forward but it is looking like there are going to be anyways. >> and the mass adoption of electric vehicles seems clear. what about trucks and freight and other industries? we will have that when we come back. do you have a life insurance policy you no longer need? now you can sell your policy - even a term policy - for an immediate cash payment. call coventry direct to learn more. we thought

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welcome back. in the transition to electric vehicles, cars and small trucks certainly are getting there. but the big rigs pose bigger hurdles. we have details on one startup that's changing the thinking about electrifying those vehicles. diana? >> reporter: tyler, the trouble with electrifying big tractor-trailer trucks is that the tractor component, the front part, needs a tremendous amount of power, more than the current charging infrastructure can handle, not to mention that the charging time is very long. but what if you focused not on the tractor but on the trailer? big rigs make up just 10% of the vehicles on the road, but they account for nearly 30% of vehicle carbon emissions. major truck manufacturers like volvo, freightliner, and tesla are introducing electric tractor-trailer trucks, but it's

still a tiny and inefficient market. now one startup, california-based range energy, is introducing electrified trailers. they power and propel themselves so the tractor part has less to pull. >> when i push this button to activate the system, the trailer follows me. doesn't matter if i'm an old peter-built semi-truck or brand-new tesla semi or just me pulling on it with the system activated. the trailer's mission is to make itself feel weightless. >> reporter: the electrified trailer can also refrigerate it says as well as power on-board communications and security systems all at a fraction of the cost of diesel. >> if we were to take one of these fleets that runs 3,000 trailers and run it through the range system and essentially incorporate the range system into their fleet, we're looking at 100 million pound of co2 saved per year, but it equates to about $50 million in fuel savings alone. >> reporter: northern refrigerated transportation is piloting the range trailers in

california. coo ricky souza said they've tried electric tractors, but the long charging time for drivers is a hurdle. >> the trailers seems more of a natural fit because we have to load them, and we load then at night. so it's not more dependent on a driver waiting for it. >> reporter: range energy is backed by r7, up partners, trousdale ventures, and yamaha. funding $31.5 million. just like in the ev market for cars, charging infrastructure is still not where it needs to be, but trucking companies can leverage the power that's at the loading dock as northern is already doing. he also said they're able to size the battery pack much closer to what you'd see in a passenger vehicle than what you would see in the other large commercial vehicles that are coming out. back to you. >> thank you. elsewhere, coinbase is rallying huge along with the rest of the crypto space.

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welcome back. it's time for "three stock lunch." let's trade some of the big movers today, shall we? there's plenty to pick from. victoria green is our trader. founding partner and cio of g squared private wealth and cnbc contributor. welcome. let's start with cigna because shares are soaring after the company dropped its bid to merge with humana. they're up about 7.5%. do you like the stock here? >> absolutely. this is a buy for me. sometimes the best deals you make are the deals you don't make. you know what they're going to too with their free cash flow, share buybacks. you know what they're going to do with their medicare business they're selling, share buybacks. $3.7 million. allocating to share buybacks. an extremely shareholder friendly company. all the things the market is

excited about. for me, cigna's pivoting from we expand to let's make shareholders hope haep. a great place -- happy. a great place to be owning a stock. >> coinbase, anything tied to cryptocurrency is continuing to rally. bullishness over donald trump's victory. bitcoin topping 86,000. is the play done here, or is this a rip to ride -- >> no. no. this is get on board, the plane's still taking off. if you look back, this chart here obviously is parabolic. if you go back to 2021 we are still below its peaks. then it hit the crypto winter of 2022, and it's been struggling a little. look, they do great with volume. they're going to have more trading volume. everybody's piling in. you're seeing crypto expand from just the millennials and under 40 crowd into everybody saying, oh, i might actually need a crypto allocation. they're one of the best platforms. i see so much upside. they're going to get a benefit to earnings from daily users, monthly users, as well as the trading frequency is likely going to go up with bitcoin

going up. for me this is still not hit all-time highs. i see the crypto market continuing to move higher. i want a piece of a pure play in the crypto market and coin base is one of those. >> up 76% in a week. >> amazing. what about draftkings? several analysts out with bullish notes. barclay's, deutsche bank, jmp, lifting price targets. new york state, $2.3 billion wagered across platforms. draftkings has a third of the new york market. why the 7% pop on a stock that's underperformed somewhat year to date? does that make you want to own it here? >> for me it's still a hold. i see it as positive, but it hinges on the fact they continue to get more market penetration and the next big market is my great state of texas. it's only seen as 50% likely they're going to break into the new market. so they're competing with flutter, fanduel, bet mgm. and they have one-third of the sports betting market. we don't see legalization as coming lately on the national level.

so they're still fighting the state-by-state battle. they're winning. new york, a great take rate. all the states that have legalized sports betting, great take rate. it's what's the next catalyst. and there's fantastic reporting. she covers draftkings. i think it's a hold here for me. >> all right. thank you. victoria green, "three stock lunch." >> thank you for watching "power lunch." >> "closing bell" starts right now. welcome to "closing bell," i'm scott wapner. this hour begins with the bull market and whether a significant move higher is in the cards. we'll ask our experts over this final stretch. in the meantime, the scorecard with 60 minutes to go looks like this -- bit of a breather at least for the s&p and nasdaq. the russell, though, is the outperforming. has been all day long. nasdaq has been the laggard. russell up 1.5%. what about tesla? its remarkable run continuing. the stock gaining 40% since election day